Bright Green Releases Financial Update, First Cannabis Harvest & DEA Inspection Still Pending

Bright Green Corporation (NASDAQ: BGXX), released its financial results for the quarter ended June 30, 2022.

Q2 2022 Financial Highlights

The company recorded no revenues as it is in its initial stages to start building facilities to grow, research and distribute cannabis, pending DEA inspection, registration, and quota approvals.

Total operating expenses of $19.18 million, up from $0.43 million in the same quarter of 2021, and up from $0.73 million in the first quarter of 2022, in line with expectations and resulting mainly from payments to support the company’s operations and ramp-up towards commercialization and the successful direct listing of the company’s common stock with the Nasdaq Stock Market.

Net loss of $19.18 million.

Basic and diluted loss per share of $0.12 for the quarter.

Strategic Highlights for Second Quarter 2022

Continued progress on renovation of existing 22-acre greenhouse facility to grow, manufacture and market federally-compliant cannabis, pending DEA registration and quota approvals.

DEA inspection of the facility, as well as …

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Bright Green Releases Financial Update, First Cannabis Harvest & DEA Inspection Still Pending on Benzinga